Skip to main content

Write-Offs: 07.15.13

  • Author:
  • Updated:

$$$Jurors picked in SEC fraud case against Goldman's Fabrice Tourre [Reuters]

$$$ U.S. District Judge Katherine Forrest excused some potential jurors after they said they had views about Wall Street or the role of banks in the financial crisis. The first juror to be excused said he had "a fairly jaundiced view of Wall Street." Forrest also quizzed jurors on whether they had ever heard of Abacus, Tourre or his nickname, "Fabulous Fab." At the start of the trial, Forrest warned the lawyers on both sides to "have a heart" and be mindful many jurors would not know the financial jargon expected to be used at trial. Among the words or phrases she singled out were "asset-backed," "short," "security," "flip book" and "swap." She also cited the term "trading desk," saying "mere mortals don't know what a trading desk is." [Reuters]

$$$ Not unlike his tenure at Goldman, in Africa Mr. Tourre appeared to have a knack for innovation, except there it was in farming. The March 2011 e-mail to friends describes technology developments for Rwandan farmers, like using “spy-like chips” hidden in coffee beans to track whether crops are being stolen. His e-mail to friends is also laden with exclamation points, a hallmark of his infamous Goldman missives. In describing a trip to Rwanda’s stock exchange, he recalled arriving on “the trading floor of the exchange on a Friday morning, in the middle of the trading day, to see … nobody!” The scarcity of people, he said, stemmed from the lack of local companies listing their shares. “The visit was a great experience over all, as it is rather unique to witness the birth of local capital markets.” [Dealbook]

$$$Citigroup's Profit Rises 42% [WSJ]

$$$Biker Surprised to Find Shia LaBeouf in Next Lane, Staring Him Down [Gawker]

$$$John Paulson's telecom picks take an even bigger Leap [CNBC]

$$$Vote on Dell Deal Likely to be Close [WSJ]

$$$Viking co-founder joins Sackler family office with Deutsche Bank PB pro [HFI]

$$$$145 Million of Wine Down Drain [WSJ]


Write-Offs: 11.06.12

$$$ "UBS AG, Switzerland’s biggest bank, fired its head of credit-default swaps index trading, David Gallers, last week, with no plan to fill the position, according to two people familiar with the matter. Instead, the bank replaced Gallers with computer algorithms that trade using mathematical models." [Bloomberg] $$$ Morgan Stanley should not boost bond trading: analyst [Reuters] $$$ Sheila Bair has a crazy plan for Congressional pay-for-performance [Fortune] $$$ Goldman Research Implies Big Obama Electoral Win [Deal Journal] $$$ “One of the most striking differences between U.S. presidents is how they choose to stock the White House bar.” [TMN via The Hairpin] $$$ A premium bank is looking for an analyst or associate candidate for the Corporate Strategies group within the investment banking division in New York[DBCC] $$$ Recycled legal claims make banks look like victims [Breakingviews] $$$ Citigroup Discloses Libor Inquiry in Singapore [WSJ] $$$ “Some genius paired 50 Cent's In Da Club with a video put out by the Jehovah's Witnesses to encourage deaf people not to masturbate” [Kottke] $$$ Defendant In Murder Trial Who Wanted To Get Back To His Cell In Time For Monday Night Football: “I Did it, So What?” [Deadspin]

Write-Offs: 03.13.12

$$$ Fed Is 'Playing a Game With Us:' Pimco's Gross [CNBC] $$$ Bundesbank steps up pressure on Draghi [FT] $$$ Broker departures accelerate at Merrill Lynch [Reuters] $$$ The head of credit trading at Credit Suisse has been fined £210,000 for disclosing confidential information about a forthcoming €2.5bn bond issue after inviting a UK fund manager to “play charades” and guess the identity of the issuer. Nicholas Kyprios encouraged a fund manager who had been invited by Credit Suisse to a roadshow in November 2009 for an unnamed company to guess the issuer, using phrases like “you’re getting warmer”, the Financial Services Authority said. [FT] $$$ How would you like to be a Fixed Income Business Management Analyst for BlackRock in New York? [DBCC] $$$ Goldman Hires a New P.R. Chief $$$ Euro Zone Split over Financial Transaction Tax [Der Spiegel] $$$ Fred Wilpon's lawyers have planned a whole range of distractions for their Madoff trial [WSJ, related] $$$ Robert Lacoursiere, the Paulson & Co. partner who oversaw the $23 billion hedge fund’s team of banking analysts, quit last week after four years to start his own fund, according to a person with knowledge of the matter. [Bloomberg] $$$ Manhattan madam's 'sidekick' turns herself in, released on $100K bail [NYP]